APN has announced it had entered discussions with private equity firm Quadrant to sell its remaining interest in APN Outdoor for $69 million.
APN Outdoor has been operated as a joint venture between APN and Quadrant since May last year.
According to APN, the deal “would assist in streamlining APN and provide increased flexibility around its existing assets as opportunities arise”.
The CEO of APN, Michael Miller (pictured), said the proposed transaction would be a good outcome for shareholders and was consistent with APN’s approach to having flexibility around debt repayment, investing for growth and future dividends.
"Quadrant has been a strong and supportive partner of APN Outdoor for the past 18 months and the business is well placed as the large format market increasingly adapts to the opportunities of digital media," said Miller.
“APN is continuing as an active investor in the Australian outdoor advertising market through our 50% interest in Adshel, reflecting our belief that small format will continue to be a strong segment in the outdoor market," he added.